Cineverse Corp | September 26, 2023
Cineverse Corp., a global streaming technology and entertainment company with one of the world's largest portfolios of streaming channels and content libraries, announced today a partnership with Whip Media, the leading enterprise software platform and data provider to the world's largest entertainment organizations. Using its Content Value Management (CVM) software platform, Whip Media will help Cineverse automate and more efficiently manage content partner royalty payments for its expansive distribution network across Cineverse direct and third-party platforms.
Cineverse distributes content from hundreds of content providers through its FAST/AVOD channels, SVOD service, TVOD/EST distribution and physical home entertainment products.
The rapid growth of Cineverse required a new system to scale and efficiently handle financial activities for the high volume of content partner contracts and licenses, such as royalty calculations, revenue statement generation and issuance of payment to partners on a monthly and quarterly basis. Currently, Cineverse must create over 1,700 complex financial statements per quarter which require significant manual effort to manage.
Cineverse will leverage the CVM Platform for Content Partner Payments to capture all contractual financial terms for each content provider, and ingest performance and revenue data from Matchpoint Insights – part of Cineverse's proprietary suite of streaming technology products. By consolidating sales, performance, and revenue data, CVM can automate the calculation of royalties due to each provider and accurately generate royalty statements. What has historically been a manual process will be transformed into a highly scalable solution that radically reduces costs, increases efficiency, and improves accuracy.
"We're excited to partner with Cineverse, an entertainment technology and streaming trailblazer that has created an innovative solution that eliminates the expensive, time-consuming manual process required for preparing film and television assets for broad global distribution," said Saj Jayasinghe, Whip Media's EVP of Global Revenue. "Our partnership will allow Cineverse to optimize their workflow and automate their digital supply chain by utilizing our platform to streamline their financial reconciliation process and extend automation to a much higher level on the financial side."
"Our partnership with Whip Media is critical as it helps fill a gap in our technology stack. We feel that developing financial-based software is not our core competency so partnering with Whip Media and leveraging their best-in-class technology allows us to address a significant unmet need in the rapidly growing streaming marketplace: an end-to-end solution from content ingestion and delivery all the way to reporting and payment," said Tony Huidor, Chief Operating Officer & Chief Technology Officer at Cineverse. "This comes at a time when the legacy entertainment industry desperately needs to shift towards video-on-demand and FAST services, giving us the ability to scale quickly via automation and pave the way via an all-in-one solution."
About Whip Media
Whip Media is reimagining content licensing to create a smarter, more connected entertainment ecosystem. We help the world's leading entertainment organizations succeed in today's high-volume, high-velocity global content environment with a market leading cloud software platform that combines unique, actionable insights with scalable, connected workflows for licensing, content planning and financial operations.
Cineverse is a global streaming technology and entertainment company with one of the world's largest portfolios of streaming channels and content libraries, all powered by its advanced, proprietary technology platform. Cineverse currently features enthusiast brands for subscription video on demand (SVOD), advertising-based video on demand (AVOD) and free, ad-supported streaming television (FAST) channels. Cineverse entertains consumers around the globe by providing premium feature film and television series, enthusiast streaming channels and technology services to some of the world's largest media, retail, and technology companies.
Media and Broadcasting
businesswire | August 18, 2023
Global media company iMedia Brands, Inc. announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY shots. Through the AEPA, IV Media has acquired substantially all assets of iMedia Brands on a going-concern basis, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for approximately $55 million of transaction value, plus the assumption of certain liabilities, contracts, and ongoing expenses.
“On behalf of iMedia, I am pleased to announce the purchase of iMedia’s operating assets by IV Media,” said James Alt, Chief Transformation Officer, iMedia. “Under new ownership, both companies will be well positioned to grow and achieve great success together well into the future. With IV Media’s partnership, iMedia will continue delivering customers the diverse range of brands they desire through captivating content. Today’s announcement is a great outcome for iMedia, and I thank our valued team and partners for their continued support during this process.”
“We are pleased with the outcome and the process and are looking forward to working closely with iMedia going forward,” said Vince Bodiford, Head of Communications, Innovation Ventures, LLC and 5-hour ENERGY®.
Following completion of the court-approved auction process on August 10, 2023, and in consultation with lenders and the Official Committee of Unsecured Creditors, the Company selected IV Media, LLC as the winning bidder. At the Sale Hearing on August 14, 2023, the U.S. Bankruptcy Court for the District of Delaware approved iMedia’s entry into the AEPA pursuant to Section 363 of the U.S. Bankruptcy Code.
Ropes & Gray LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Lincoln International LLC is serving as investment banker, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Company.
Greenberg Traurig, LLP and Oakland Law Group, PLLC are serving as legal counsel to IV Media.
About iMedia Brands, Inc
iMedia Brands, Inc is a global media company capitalizing on the convergence of entertainment, ecommerce, and advertising. The Company owns and operates four television networks, which are ShopHQ, ShopBulldogTV, ShopHQHealth and 123tv. ShopHQ, the company’s flagship television network with a thirty-year history, is nationally distributed in the U.S. to over 90 million homes via its affiliation agreements in cable, satellite, and broadcast, and reach viewers through its social platforms and its OTT App on Roku, Apple TV, Amazon Fire and Samsung Smart-televisions.
Xsolla | September 21, 2023
Xsolla, a global video game commerce company, has announced a new online destination called Xsolla Mall. This platform allows video games to host multiple landing pages where players can access exclusive in-game items, game discounts, and premium experiences directly from developers and publishers or via campaigns with content creators and payment providers.
Developers can showcase and monetize content from their games on a specific branded landing page within the platform, even the entirety of a game. There is already a growing library of cloud games accessible through the Xsolla Mall, supported by the Xsolla Cloud Gaming solution. Xsolla Mall also merges video game content and the convenience of multiple local payment methods with the power of content creators and influencers into one cost-effective platform, providing a wide range of generating incremental revenue for games.
Xsolla Mall provides developers and publishers with a new distribution channel, reducing overall customer acquisition and retention costs, growing brand awareness, increasing player engagement, and generating more profit for their business.
"Xsolla Mall unlocks a new direct-to-consumer distribution channel for delivering games and in-game content on the web," said Chris Hewish, CEO of Xsolla. "We aim to help developers tackle current market challenges like the high cost of acquiring and retaining players, high distribution fees, and increasing the number of paying players so they can earn and keep more of the profits from the sale of their games and in-game content. Xsolla Mall perfectly aligns with our mission to bolster the gaming community by providing developers, influencers, and players with a safe, practical, and engaging platform."
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the video game industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in Berlin, Seoul, Beijing, Kuala Lumpur, Tokyo and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Ubisoft, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.